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OB 26: ICA elimination of double debit
or “Replacing tax credits lost due to shareholder changes”
You could also call this:

“Credit for tax withheld from overseas income paid to Australian companies”

If you are an Australian ICA company, you can get an imputation credit when tax is withheld from non-resident passive income that is paid to you. This credit is listed in a special table called ‘table O1: imputation credits’, and it’s found in row 25, which is labelled ‘NRWT withheld’. The date of this credit is the same day that the tax is withheld. This rule is part of how the tax system keeps track of credits for companies like yours.

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Next up: OB 28: ICA payment of amount of tax for schedular payment

or “Credit for tax deducted from contractor payments to Australian companies with NZ imputation accounts”
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Part O Memorandum accounts
Imputation credit accounts (ICA)

OB 27ICA non-resident withholding tax withheld

  1. An Australian ICA company has an imputation credit for an amount of tax withheld by the payer of non-resident passive income.

  2. The imputation credit in subsection (1) is referred to in table O1: imputation credits, row 25 (NRWT withheld).

  3. The credit date is the day the amount of tax is withheld.

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Notes
  • Section OB 27 list of defined terms non-resident withholding tax: repealed, on , by section 243 of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).